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(810 ILCS 5/7-106) (Text of Section before amendment by P.A. 103-1036) Sec. 7-106. Control of electronic document of title. (a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred. (b) A system satisfies subsection (a), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that: (1) a single authoritative copy of the document |
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(2) the authoritative copy identifies the person
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(A) the person to which the document was issued;
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(B) if the authoritative copy indicates that the
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| document has been transferred, the person to which the document was most recently transferred;
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(3) the authoritative copy is communicated to and
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| maintained by the person asserting control or its designated custodian;
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(4) copies or amendments that add or change an
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| identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
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(5) each copy of the authoritative copy and any copy
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| of a copy is readily identifiable as a copy that is not the authoritative copy; and
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(6) any amendment of the authoritative copy is
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| readily identifiable as authorized or unauthorized.
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(Source: P.A. 95-895, eff. 1-1-09.)
(Text of Section after amendment by P.A. 103-1036)
Sec. 7-106. Control of electronic document of title.
(a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
(b) A system satisfies subsection (a), and a person has control of an electronic document of title, if the document is created, stored, and transferred in a manner that:
(1) a single authoritative copy of the document
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| exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
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(2) the authoritative copy identifies the person
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(A) the person to which the document was issued;
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(B) if the authoritative copy indicates that the
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| document has been transferred, the person to which the document was most recently transferred;
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(3) the authoritative copy is communicated to and
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| maintained by the person asserting control or its designated custodian;
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(4) copies or amendments that add or change an
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| identified transferee of the authoritative copy can be made only with the consent of the person asserting control;
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(5) each copy of the authoritative copy and any copy
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| of a copy is readily identifiable as a copy that is not the authoritative copy; and
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(6) any amendment of the authoritative copy is
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| readily identifiable as authorized or unauthorized.
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(c) A system satisfies subsection (a), and a person has control of an electronic document of title, if an authoritative electronic copy of the document, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:
(1) enables the person readily to identify each
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| electronic copy as either an authoritative copy or a nonauthoritative copy;
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(2) enables the person readily to identify itself in
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| any way, including by name, identifying number, cryptographic key, office, or account number, as the person to which each authoritative electronic copy was issued or transferred; and
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(3) gives the person exclusive power, subject to
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(A) prevent others from adding or changing the
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| person to which each authoritative electronic copy has been issued or transferred; and
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(B) transfer control of each authoritative
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(d) Subject to subsection (e), a power is exclusive under subsection (c)(3)(A) and (B) even if:
(1) the authoritative electronic copy, a record
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| attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the document of title or has a protocol that is programmed to cause a change, including a transfer or loss of control; or
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(2) the power is shared with another person.
(e) A power of a person is not shared with another person under subsection (d)(2) and the person's power is not exclusive if:
(1) the person can exercise the power only if the
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| power also is exercised by the other person; and
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(2) the other person:
(A) can exercise the power without exercise of
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| the power by the person; or
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(B) is the transferor to the person of an
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| interest in the document of title.
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(f) If a person has the powers specified in subsection (c)(3)(A) and (B), the powers are presumed to be exclusive.
(g) A person has control of an electronic document of title if another person, other than the transferor to the person of an interest in the document:
(1) has control of the document and acknowledges that
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| it has control on behalf of the person; or
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(2) obtains control of the document after having
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| acknowledged that it will obtain control of the document on behalf of the person.
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(h) A person that has control under this Section is not required to acknowledge that it has control on behalf of another person.
(i) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this Article or Article 9 otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgment to any other person.
(Source: P.A. 103-1036, eff. 1-1-25.)
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